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The Appellate Tribunal addressed the issue of estimating Gross Profit by considering all bank deposits as turnover. The assessee failed to provide sufficient evidence to support their claim that not all credits were turnover. Without documentary evidence or accounting records, the Assessing Officer estimated income at 8%. The CIT(A) directed estimation at 6%, providing relief to the assessee. The Tribunal found no fault in the CIT(A)'s decision and dismissed the assessee's grounds for appeal.
The Appellate Tribunal addressed the issue of estimating Gross Profit by considering all bank deposits as turnover. The assessee failed to provide sufficient evidence to support their claim that not all credits were turnover. Without documentary evidence or accounting records, the Assessing Officer estimated income at 8%. The CIT(A) directed estimation at 6%, providing relief to the assessee. The Tribunal found no fault in the CIT(A)'s decision and dismissed the assessee's grounds for appeal.
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